A graph database is a perfect solution for data storage. It also can be used for uniting the links between data in a more proper way as compared to the relational database. It is designed with transactional reliability and operational accessibility.
A graph database is intended to bring an advanced transactional performance as well as to connect the data stored in the graph. At the same time, graph database can be set to determine quick interrelation between various factors. LinkedIn, Facebook, Google, and PayPal are few of the principal business giants using the graph databases.
According to the report, global graph database market was valued at around USD 39 million in 2017 and is expected to reach approximately USD 445 million in 2024, at a CAGR of slightly above 41.0% between 2018 and 2024.
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Rising business applications using connected data along with increasing technological challenges related to connected data are some of the important factors responsible for driving the global graph database market. Growing project data volumes along with the increased importance of producing insight from available data have propelled the market of a graph database.
Rising data monetization solutions focus and increasing requirement for master data management solutions are the key elements further accelerating the growth of the global graph database market. Earlier, TigerGraph conducted a webinar series called Graph Gurus. The recent webinar was designed for the educational purpose and it was intended to offer hands-on training for data scientists and developers.
A continuous adoption to cloud computing environment across various industries has lead to the expansion of the market of a graph database. In addition, increasing reliance on connected data for the detection of various frauds across a range of industries such as financial services, e-commerce, banking, and insurance is contributing to the global graph database market growth.
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Rising requirement for connected data for improved marketing performance as well as growing IoT applications is propelling the global graph database market. Increasing requirement for the better response time and precision to find out the latest data correlations has boosted the growth of the global graph database market.